A Model of Its Own: Guyana And Its Journey Towards A People-Centered Market Economy

By Ron Cheong

News Americas, TORONTO, Canada, MON. Oct. 13, 2025: Guyana stands at a rare historical intersection – a young democracy with new wealth, a recent election in a society striving for unity and a determination to turn opportunity into inclusion. The country is not seeking to copy the models of others but to build a version of social democracy that fits its own circumstances: a system where markets drive growth, yet the state ensures that growth lifts lives.

This is capitalism with a conscience, and democracy with delivery.

From Westminster To Developmental Democracy

Politically, Guyana remains anchored in the Westminster parliamentary tradition, but its democratic character has evolved far beyond its colonial blueprint. Elections are keenly contested, and power has recently alternated through the ballot box. What distinguishes the present cycle is a shift in the balance by citizens between allegiance and performance: citizens increasingly are judging governments by what they deliver, not what they have traditionally symbolised.

That quiet shift in balance – from loyalty to delivery – marks the rise of a developmental democracy, where the test of governance is not merely representation but results. Roads, schools, housing schemes, and hospitals have increasingly become the true symbols of electoral accountability. This style of democracy has long been in the making even when the resources to do so were scarce. But now the country has increased the velocity at which it is making this a widespread and tangible reality. With over 50,000 lots already allocated, the government plans to build 40,000 houses over the next 5 years.

From Resource Capitalism To A Caring Economy

Economically, Guyana’s oil production has ushered in a phase of dizzying growth, but the state’s approach has been notably guided rather than laissez-faire. Revenues are being invested in social infrastructure – housing, health care, and education – as much as in physical projects. The aim is to create a foundation of social stability and human capital before wealth calcifies into inequality.

This distinguishes Guyana from the consumption-led capitalism of many small countries with newly flowing wealth. To make a somewhat relatable comparison, it instead resembles Canada’s balanced capitalism, not in scale and maturity, but in where prosperity is tempered by compassion – yet it remains distinctly Guyanese in method and motive.

The government’s housing drive, for example, functions both as an economic stimulus and a social equalizer. Free public health care, expanding training programs, and digital inclusion initiatives reinforce the idea that growth must serve society, not the other way around.

Canada As Inspiration, Not Blueprint

The comparison with Canada is apt but limited. Both countries share the belief that markets must coexist with fairness, and that social programs build cohesion as surely as they build equity. But their foundations differ:

Canada’s social democracy grew from an industrial economy and a strong tax base; Guyana’s from a resource windfall and a post-colonial state still perfecting its institutions. Canada’s social safety-net systems are legally entrenched; Guyana’s are policy-driven, financed by oil and a vision.

Yet the philosophical kinship is clear. Guyana seeks, as Canada once did, to transform resource wealth into national well-being – to ensure that the benefits of prosperity reach the classroom, the clinic, and the home.

Toward A Guyanese Model

The challenge now is to institutionalize the heart of this new model. That means building systems robust enough to sustain social programs when oil prices fall, and transparent enough to maintain public trust.

Building blocks in the works for the road ahead include:

National Cohesion – Continuing to bridge ethnic divides so that democracy reflects citizenship, not identity.

Human Capital – Expanding technical education and digital skills to link opportunity to productivity.

Diversification – Channeling oil revenues into agriculture, manufacturing, and renewables to secure long-term resilience.

Institutional Strengthening – Empowering oversight bodies, civil service professionalism, and fiscal accountability.

Fiscal Reform – Develop a balanced taxation framework to support social spending beyond oil’s lifespan.

If Guyana succeeds, it will not simply join the ranks of middle-income states – it will define a new archetype for small developing countries: democratic yet decisive, capitalist yet caring, globalized yet grounded in community.

This is not the Canadian model transplanted to the tropics, but a Guyanese evolution of it – one shaped by the country’s geography, diversity, and rediscovered confidence.

In an era when many democracies seem exhausted and many markets appear heartless, Guyana offers a reminder that both can still serve a moral purpose.
Its future will depend not only on how much wealth it generates, but how humanely it distributes and sustains it.

If that balance endures, Guyana’s democracy may yet give the world a new lesson: that a small country, guided by conscience and community, can make capitalism care.

EDITOR’S NOTE: Ron Cheong, born in Guyana, is a community activist and dedicated volunteer with an extensive international background in banking. Now residing in Toronto, Canada, he is a fellow of the Institute of Canadian Bankers and holds a Bachelor of Science degree from the University of Toronto.